You can make contributions after you reach age 70 1/2, however, you must still receive compensation. There is an exception that allows Roth accounts for nonworking spouses. If you and your spouse file a joint return but one does not work, the employed spouse can open and contribute to a Roth IRA for the unemployed partner.
The maximum amount you can contribute to all IRAs must be the lesser of these:
- Your taxable compensation for the year
- $6,500, the maximum IRA contribution for 2017 with catch-up contributions.
However, to figure the maximum amount you can contribute to a Roth IRA for a year, you must combine the contributions you made to all IRAs. This includes both traditional and Roth IRAs. So, your contribution limit is the lesser of:
- Your maximum allowable contribution minus all IRA contributions for the year.
- Your taxable compensation minus all IRA contributions for the year.
When figuring your contribution limit, don’t subtract employer contributions under a SEP or SIMPLE IRA plan.
The amount you can contribute to a Roth IRA:
- Begins to phase out when your modified AGI reaches $114,000 — or $181,000 if married filing jointly
- Is phased out completely when your income is more than $129,000 — or $191,000 if married filing jointly
Married couples filing separately can’t make Roth IRA contributions if both of these are true:
- Your modified AGI is more than $10,000.
- You lived together at any time during the year.
